Part C: AUGUST VARIANCE ANALYSIS After August was completed, variance analysis needs to be performed. January operating data provided the standard prices, rates, times, and quantities per case. There were 1,500 actual cases produced during August. Actual August data: Actual Direct Materials Price per Unit Actual Direct Materials Quantity per Case Nutrient base Essential oils Bottle (8-oz.) $0.056 per oz. $0.45 per oz. $0.55 per bottle 102 ozs. 31 ozs. 12.5 bottles Actual Direct Labor Rate Actual Direct Labor Time per Case Mixing Filling $ 20.25 $ 15.00 14.6 min. 5.5 min. The standard quantity of materials used per case was an ideal standard. Actual Variable Overhead was $305 Standard (Budgeted) Volume was 1,600 cases Requirements: 10. Determine and interpret (favorable/unfavorable) the direct materials price and quantity variances for each of the three materials 11. Determine and interpret the direct labor rate and time variances for the two departments, rounding hours to the nearest hour 12. Determine and interpret the factory overhead controllable variance 13. Determine and interpret the factory overhead volume variance Part C: AUGUST VARIANCE ANALYSIS After August was completed, variance analysis needs to be performed. January operating data provided the standard prices, rates, times, and quantities per case. There were 1,500 actual cases produced during August. Actual August data: Actual Direct Materials Price per Unit Actual Direct Materials Quantity per Case Nutrient base Essential oils Bottle (8-oz.) $0.056 per oz. $0.45 per oz. $0.55 per bottle 102 ozs. 31 ozs. 12.5 bottles Actual Direct Labor Rate Actual Direct Labor Time per Case Mixing Filling $ 20.25 $ 15.00 14.6 min. 5.5 min. The standard quantity of materials used per case was an ideal standard. Actual Variable Overhead was $305 Standard (Budgeted) Volume was 1,600 cases Requirements: 10. Determine and interpret (favorable/unfavorable) the direct materials price and quantity variances for each of the three materials 11. Determine and interpret the direct labor rate and time variances for the two departments, rounding hours to the nearest hour 12. Determine and interpret the factory overhead controllable variance 13. Determine and interpret the factory overhead volume variance